Yes, global equities are down $14 trillion and heading for their second worst year on record, but there have been nearly 300 interest rate hikes and a trio of 10%-plus rallies in that time making the volatility freakish.
Ten-year Treasury yields jumped to 1.8% from less than 1.5%, knocking 5% off MSCI's world stocks index in January alone.The Fed has delivered 400bps of hikes and the European Central Bank a record 250bps, despite saying this time last year it was unlikely to budge. Despite being well down from its June highs, Russia's rouble is still the world's second-best performing currency supported by Moscow's capital controls. It was initially smashed after the invasion of Ukraine.
"If you sell it wrong, don't be surprised if it goes down like a cup of cold sick," said veteran CMC Markets' analyst Michael Hewson.